Bill > HB1440

This bill, known as the Mississippi Transactional Gold and Silver Act, recognizes gold and silver as legal tender, meaning they can be used as a recognized form of payment for debts, taxes, and fees within the state, provided both parties agree to the transaction. It defines "specie" as gold or silver coins or bars that are at least 99% pure, and "transactional gold and silver" as representations of these precious metals that can be electronically transferred and are fully redeemable for their physical form. The act also authorizes the creation of a secure "bullion depository" for storing gold and silver, and a "specie-backed electronic payment system" that uses gold or silver as the basis for digital transactions. The Department of Finance and Administration is tasked with establishing rules for these systems, which must be secure, reliable, and transparent, and can either operate the depository directly or contract with a "depository agent," a private entity authorized to manage such facilities. Furthermore, transactions involving this recognized gold and silver specie are exempt from state sales, use, and income taxes, and the executive director of the Department of Finance and Administration is required to report annually to the Legislature on the implementation and economic impact of these provisions, with the act taking effect on July 1, 2026.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1440.xml